UNDERSTANDING GST: Goods and Service Tax (GST), as we all know has been in consideration for years now and the basic concept is also clear to many. Yet there are a few technical concepts that may need broad deliberations to reduce the ambiguities upon its implementation. We list down few of these for simple understanding....Continue Reading

For Private Companies and Unlisted Public Companies:   Closure of financial year Preparation of Balance Sheet and finalisation in the Board Meeting Preparation and approval of Board Report Calling of Annual General Meeting Sending notice of Annual General Meeting Disclosure of interest of Directors in other entities Obtaining certificate of non-disqualification from Directors Filing of...Continue Reading

Uniform Financial Year: Every Company shall follow a uniform financial year, from 01st April to 31st Companies following a different financial year need to align with the new requirement of law within two years of implementation of Act, ie 31st March 2016. A Company or Body Corporate which is holding or subsidiary of a Company...Continue Reading

KEY AMENDMENTS TO COMPANIES ACT, 2015: No requirement of Common Seal: Not mandatory to have common seal in the company In such a case, documents shall either be signed by 2 Directors, or 1 Director and Company Secretary, jointly   No need of Certificate of Commencement of business: No need of Certificate of Commencement of...Continue Reading

New Rate of Service Tax @14% (including all cess) will be effective from 01st June, 2015   IMPORTANT TO NOTE: Additional 2% “Swachh Bharat Cess” is not notified yet, hence not leviable/chargeable.   EFFECTIVE RATES IN CASE OF ABATEMENT (AS APPLICABLE) WILL BE:   SN Service Provided Effective Dates Effective Service Tax Rates New Abatement...Continue Reading

Due to implementation of Companies Act, 2013, effective 01st April, 2014, the companies have been entrusted with increased number of compliances and reporting. The Management is now required to keep the Company Secretary (internal or external) informed for certain business events, so that such transactions can be ratified/ approved through valid secretarial interventions.   We have...Continue Reading

The Union budget 2015-16 presented on 28th February, 2015 encompasses the fact that Government of the day is focused on consolidating the growth factors with achievable plan of actions. We have tried to bring out certain critical changes that this budget proposes, and that may impact the business decisions or individuals tax planning. Following are...Continue Reading

Why Secretarial Audit is needed? The objective of Secretarial Audit is to assure various stakeholders and regulators that the affairs of the company are being carried out in accordance with the laws, rules and regulations applicable to the Company.   Applicability of Secretarial Audit As per Section 204(1) read with Rule 9 of The Companies...Continue Reading

Can a Company grant Loans/ Security/ Guarantee? A company, whether Public or Private, is allowed to grant any loan, guarantee, any loan represented by a book debt or book entry, or provide any security against any loan, to persons other than specified under Section 185. Whom Company cannot grant Loans/ Security/ Guarantee? Section 185 prohibits...Continue Reading

Mentioning Director Identification Number (DIN): Every Director while signing any document in the capacity of Director shall mention his/ her Director Identification Number along with address as provided to the Ministry of Corporate Affairs. Duties of Directors: It is the very first time that the Companies Act, 2013 has specifically mentioned the duties of Directors....Continue Reading